Status of Employee Retirement Fund Inquiry

City of Fort Worth
1000 Throckmorton St.
Fort Worth, TX 76102

City Manager Dale A. Fisseler

Re: Status of Employee Retirement Fund

Wednesday, October 01, 2008

Dear Dale:

In light of the recent developments in the financial markets, I am compelled to ask questions that relate to our city’s solvency. And before writing Congressman Michael Burgess again about voting for the next bailout bill, I would need to know something about our economic condition.

I have included Asst. City Manager Fernando Costa, another man of integrity much like you, who is not afraid of the tough questions. Also, I have included Human Resource Department Director, Karen Marshall, who might provide some insight into how many employees may be at risk due to the city’s retirement investment in troubled financial accounts.

1. How is the City’s “retirement fund” performing at this time?

2. How close are we to resolving the under-funding issue we had before the current Stock Market crisis? Did the current crisis exacerbate the problem on retirement liquidity?

On a personal note, how is your own 401(k) retirement fund performing? Would you recommend putting retirement institutional funds in the current market?

By the way, who is managing our city employee retirement fund? Into what fund is it located?

These questions come to mind as we look at this so-called bailout bill in Washington.

Sincerely,
Eddie Griffin
http://eddiegriffinbasg.blogspot.com